Bank of Canada buys back C$285 million of bonds in repurchase auction

By Marisa Wong

Madison, Wis., Jan. 17 - Bank of Canada bought back C$285 million of Government of Canada marketable bonds through a cash management bond repurchase operation on Tuesday, according to a government announcement.

The bank repurchased C$14 million of 3.75% bonds due June 1, 2012. The cutoff yield is 0.91%.

The bank also repurchased C$21 million of 5.25% bonds due June 1, 2012. The cutoff yield is 0.91%.

The bank repurchased C$200 million of 1.75% bonds due March 1, 2013. The cutoff yield is 0.971%.

The bank repurchased C$50 million of 3.5% bonds due June 1, 2013. The cutoff yield is 0.967%.

The allotment ratio is 100% for each series.

After settlement on Thursday, C$4,934,108,000 of the 3.75% bonds, C$8,331,818,000 of the 5.25% bonds, C$16,939,269,000 of the 1.75% bonds and C$12,374,337,000 of the 3.5% bonds will remain outstanding.

The bank also offered to repurchase 1.5% bonds due March 1, 2012, 1.5% bonds due June 1, 2012, 2% bonds due Sept. 1, 2012, 1.5% bonds due Dec. 1, 2012 and 5.25% bonds due June 1, 2013. None of these bonds were repurchased.

The next cash management bond repurchase operation will take place on Jan. 24.

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